NY S04048

Allows elected candidates to establish separate entities (other than political committees) to accept donations and loans for transition and inauguration expenses, which must be registered with the board of elections before accepting funds.

Prohibits transfer of funds from campaign political committees to transition entities and limits donations from individuals to amounts matching applicable campaign contribution limits under Election Law section 14-114.

Requires all liabilities to be paid by January 31st in the year following the election and restricts donation acceptance to only after all liabilities are settled.

Prohibits personal use of transition and inauguration funds unrelated to the transition, inauguration, or holding of public office, with specific restrictions on residential expenses, clothing, tuition, entertainment, fines, and travel purchases.

Authorizes the State Board of Elections to issue binding advisory opinions on whether proposed expenditures constitute impermissible personal use, effective December 15th following enactment.